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Florida Ends ‘Hurricane Tax’

The Florida Cabinet voted to end a 1.3 percent surcharge on most property and casualty insurance policies across the state, which is used to pay for past hurricane insurance claims...
June 27, 2014

The Florida Cabinet voted to end a 1.3 percent surcharge on most property and casualty insurance policies across the state, which is used to pay for past hurricane insurance claims. The surcharge was imposed in 2008, expected to continue through 2016, and used whenever the Florida Hurricane Catastrophe Fund did not have enough cash to pay insurers for the losses they incur. The so-called hurricane tax was used to fund revenue bonds to pay for those losses. Policies renewed or issued on or after Jan. 1, 2015, will not contain the surcharge.

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